Turf Development Act, 1998

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Superannuation of whole-time directors.

28.—(1) The Company may, with the consent of the Minister and the concurrence of the Minister for Finance, make a scheme or schemes for the granting of superannuation benefits to or in respect of whole-time directors.

(2) A scheme under subsection (1) shall provide for—

(a) the appointment by the Company of trustees of the scheme,

(b) the time and conditions of retirement for all persons to or in respect of whom superannuation benefits are payable under the scheme, including different times and conditions in respect of different classes of persons,

(c) the establishment of a fund administered by the trustees of the scheme from which the superannuation benefits payable under the scheme shall be paid and the vesting of the fund in the trustees of the scheme,

(d) the payment of contributions to the fund by the Company and by the directors to whom the scheme applies,

(e) the payment by the Company of the expenses of the management and administration of the scheme (including the fund),

(f) the management of the fund (including the investment of assets of the fund), and the administration of the fund by the trustees of the scheme,

(g) the auditing of the accounts of the fund, and

(h) the procedure for the settlement of any disputes between the trustees of the scheme and persons to whom the scheme applies or persons who apply for membership of the scheme.

(3) The Company may, with the consent of the Minister and the concurrence of the Minister for Finance, make a scheme amending or revoking a scheme under this section including a scheme under this subsection, but a scheme amending a scheme under this section shall be such that provisions giving effect to subsections (1) and (2) continue to be contained in one or more of the schemes under this section and a scheme under this section shall not be revoked unless such provisions as aforesaid continue to be in force after the revocation.

(4) No superannuation benefit shall be granted by the Company on the resignation, retirement or death of a director otherwise than in accordance with a scheme or schemes under this section.

(5) A scheme under this section shall be carried out in accordance with its terms.

(6) A scheme under this section shall be laid before each House of the Oireachtas as soon as may be after it is made and, if a resolution annulling the scheme is passed by either such House within the next 21 days on which that House has sat after the scheme is laid before it, the scheme shall be annulled accordingly, but without prejudice to the validity of anything previously done thereunder.

(7) A scheme under this section may make different provisions for different whole-time directors.

(8) Where a scheme under this section contains provisions for the granting of superannuation benefits to or in respect of a person who holds the office of Managing Director by virtue of section 26 (2)—

(a) the terms and conditions of the grant shall be not less favourable to him or her than the terms and conditions upon and subject to which, immediately before the commencement of the provisions, superannuation benefits were to be granted to him or her under a scheme or schemes under section 5 (which section shall be deemed always to have authorised the making of more than one scheme) or 6 of the Act of 1953 or under both of those sections (“the former schemes”), and

(b) any superannuation benefit granted to the person under a scheme under this section shall be in lieu of the corresponding benefits to be granted to him or her under the former schemes and the latter benefits shall not be granted to him or her.

(9)(a) Section 5 of the Act of 1953 is hereby repealed as on and from the vesting day.

(b) Notwithstanding paragraph (a), any scheme under the said section 5 that is in force immediately before the vesting day shall, on and after that day, continue in force, continue to apply to a person to whom it applied immediately before that day and be carried out in accordance with its terms, and may be amended or revoked, as if made under this section, but if effect is not given to the requirements of subsection (2), whether by one or more than one such scheme, it or they, as appropriate, shall, unless revoked, be amended under subsection (3), as soon as may be after the vesting day, so as to give effect to those requirements.

(10) In this section “superannuation benefits” means pensions, gratuities and other allowances payable on resignation, retirement or death.